Art to the rescue of Baumax

Karlheinz Essl, the founder of Baumax, is hoping to sell his collection of some 7000 contemporary works of art to the Republic of Austria in order to rescue the ailing Austrian DIY chain, which accounts for 4 000 jobs in Austria alone. Current speculation mentions a price of € 86 mio. Company spokesperson Monika Voglgruber told the APA news agency that there is no question of Baumax becoming insolvent. However, the sale of the art collection would facilitate the rescue plan considerably. No negotiations are going on with investors at the present moment. The Austrian market leader Baumax is at present looking into closing down stores in Turkey, Bulgaria and Romania. A withdrawal from Croatia is also up for discussion. A decision on possible store closures is to be made before the end of spring.